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Posted in Auto Loans
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CrazyB257

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Trying to buy a truck
I am about to start the process of purchasing a truck. I have CK and Vantage score of 640 and my FICO is 608. I have an existing loan on a Jeep Patriot that I have had for 3 years with on time payments. I was pre-approved through Cap 1 for $25,000. I was also recently approved for a master card with my credit union for $1000. Should I wait for that new CC to post on my report and raise my credit score before applying for a loan? I don't want this to ding my score for no reason. Any advice or ideas?

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Do you have any credit cards now? If you don't, then when this one hits your reports it should boost your FICO scores in a significant way, if that is the case, then wait until the card hits your reports. Just make sure that you don't put much of a balance on it (keep it low utilization, less than ten percent of the credit line). If you currently have a few credit cards, then the new card posting probably wouldn't make much of a difference.

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